Cole Corporation issued $475 000 8% 22-year bonds on January 1 2014 for $430 147. This price resulted in an effective-interest rate of 9% on the bonds. Interest is payable annually on January 1. Cole uses the effective-interest method to amortize bond premium or discount.Prepare the schedule using effective-interest method to amortize bond premium or discount of Cole Corporation. (Round answers to 0 decimal places e.g. 150.)InterestPeriodsInterest toBe PaidInterest Expenseto Be RecordedDiscountAmortizationUnamortizedDiscountBondCarrying ValueIssue date$$$$$12Prepare the journal entries to record the issuance of the bonds. (Round answers to 0 decimal places e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1 2014Prepare the journal entries to record the accrual of interest and the discount amortization on December 31 2014. (Round answers to 0 decimal places e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditDec. 31 2014Prepare the journal entries to record the payment of interest on January 1 2015. (Round answers to 0 decimal places e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 1 2015
